African Energy Ministers to reassess $23.36pb COVID-19-induced Oil Price

NIPS 2021 rallies IOCs’ leaders, Major Oil investors in Africa, other stakeholders to formulate industry action plan for post-COVID-19 pandemic era – Organiser



Energy Ministers from all pil producing African nations and leaders of oil multinationals will review the COVID-19 burden on oil, which at a point crashed the commondity price to $23.36 per barrel.

Organisers of the Nigeria International Petroleum Summit (NIPS), the African Petroleum Technology & Business Conference, who said this in a statement sent to Platforms Africa, declared that the event is primed to come up with an action plan for Africa’s oil and gas industry in the post-Covid-19 pandemic era.


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The theme of the summit is “From crisis to opportunities: New approaches to the future of hydrocarbons.”

According to James Shindi Managing Director, Brevity Anderson, event producers of NIPS, “the COVID-19 pandemic engulfed the global economy especially the oil and gas industry. The global level travel bans along with grounding of international flights led to heavy reduction in consumption of aviation fuel across the globe. So, there is need for an African-wide response for a post-Covid-19 era.”


It should be noted that partial and complete lockdown strategy which was used to deal with the pandemic further curtailed industrial and commercial activities thereby reducing consumption of fuel further and pushing the oil prices down to $23.36 at a point.

The summit will be declared open by His Excellency, Muhammadu Buhari, GCFR, with the Minister of State for Petroleum Resources, H.E. Chief Timipre Sylva as chief host.

As is tradition with the Nigeria International Petroleum Summit (NIPS) from inception, top African Energy Ministers will also be attending this edition. Some of the African Energy Ministers who have confirmed attendance include Gabriel Mbanga Obiang Lima, Minister of Mines & Hydrocarbon, Equatorial Guinea; Matthew Opoku Prempeh, Minister for Energy, Ghana; Budimbu Ntuabuanga Dider, Minister of Hydrocarbon, Democratic Republic of Congo and Vincent de Paul Massassa, Minister of Hydrocarbon, Gabon.

“We gather the best brains and key policy makers from across the continent to chart the way forward and posit strategies for the management of Africa’s huge hydrocarbon resources. That has been our tradition from inception” says Shindi.


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Also expected are key industry players which include Tony Attah, Managing Director, Nigeria LNG Limited; Osagie Okunbor, Managing Director, SPDC/Chairman, Shell Companies in Nigeria; Michael Sangster-Managing Director & Chief Executive, Total Energies amongst others.

As part of the social and networking activities lined up for this year’s edition, there will be an exclusive dinner for the African energy ministers, top CEOs, diplomatic personnel and select dignitaries to be hosted by Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva.

The scope of NIPS 2021 has been expanded to incorporate the latest industry trends and topical issues that are at the forefront of every energy leader’s agenda.

It has also become the platform for industry players for the public and private sectors to interact, transact and develop agenda for government and support Nigeria’s role in galvanising other global players in addressing challenges in the industry.

NIPS is a federal government of Nigeria official petroleum industry event with the Federal Ministry of Petroleum Resources and all its parastatals including the NNPC, NCDMB, DPR, PEF, PTDF and PTI as joint hosts.

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